SBA offers loans to businesses hurt by COVID-19

Non-profits are included

March 21, 2020 Cranberry Living

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The U.S. Small Business Administration is offering loans to Pennsylvania small businesses and nonprofits affected by the COVID-19 outbreak, Gov. Tom Wolf announced Thursday.

Small businesses and nonprofits in all Pennsylvania counties can economic injury disaster loans to cover fixed debts, payroll and other bills they can't pay due to the virus. The interest rate for small businesses is 3.75 percent; for nonprofits it is 2.75 percent.

Up to $2 million in assistance is available.

SBA loans have long-term repayments of up to 30 years to keep monthly payments affordable, though terms are determined based on the business' ability to repay.

“We are incredibly grateful that the SBA recognized the urgency of this situation and granted our request so quickly,” Wolf said in a Thursday statement. “I encourage our businesses and nonprofits to look at the SBA resources available to them and take advantage of this opportunity for financial assistance during this time of uncertainty.”

While there are no confirmed cases of COVID-19 in Butler County as of press time Friday, any county small businesses or nonprofits affected by the virus or Wolf's order to close are eligible to apply.

Applications are due by Dec. 21 and can be completed online or mailed to the SBA's processing center in Fort Worth, Texas.

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Alex J. Weidenhof

Alex J. Weidenhof